CEO and Founder of Potential
Business Success Partner
Partnering with business owners to increase the profits, growth and value of their business, while also improving quality of life.
Should You Hire A Business Success Partner?
If you answer yes to any of the following we should talk!
- I had a great picture of what starting this business would look like but I’m far from what I thought it would be.
- I’m stuck and not experiencing growth.
- I started out well but I’ve hit a ceiling and I’m not sure how to break through to take things to the next level.
- I’m stressed and so busy working in my business that it is hurting my personal life.
- The money I am making is not worth the effort I am putting in.
- I feel alone and like I have no one to turn to for help.
- I’m actually paying money to keep this business going.
- I have constant staff issues and there are far more ups and downs than I expected.
- Business is good but I need to find new ideas to take it to the next level.
Where Does Your Business Fit?
Rescue, Improve or Grow?
5% of owners receive generous salaries. Business pays large dividends or profits. Owners work on the business, not in it. This is a very valuable business.
20% of owners receive generous salaries but no dividends or profits. They work in the business. This is a low value business.
40% of owners receive a very low paid salary, with no dividends or profits. They have a high mortgage as the business continually needs cash. No value in business.
35% of owners receive no salary, dividends or profits, they live off the equity growth in their home. The business loses money, it has no value. Imminent failure.
From the above diagram, you will have an idea of where you are on the triangle. Do you feel like a WORKER, OWNER or DIRECTOR in your business? Your answer to this often reflects whether you are in Rescue, Improve or Grow.
If in RESCUE, then:
If in IMPROVE, then:
If in GROW, then:
- You feel like the WORKER in your business.
- Not earning enough money sometimes having to put money in.
- The business is basically you.
- Most time spent working IN the business putting out fires.
- FOCUS: Juggling cash.
The business requires immediate attention with a number of strategies required to release cash into the
Profitability needs to be established and fixed first so that the business can be stabilised before it’s too late.
- You feel like the OWNER in your business.
- Makes money but not reaching its potential.
- Well established business.
- You’d like to have more time to work ON the business.
- FOCUS: Stability and staff.
Often there is significant “latent profit” in the business that should be adding to the income being made by the owner.
The options then become available to properly strategize the growth path of the business and work
on all the critical areas to make it successful and more profitable.
- You feel like the DIRECTOR in your business.
- Makes good money.
- Excellent cash flow.
- The team is running the business.
- You have time to work ON the business.
- FOCUS: Strategy and Planning
Opportunities exist to take the business to the next level. The right strategy needs to be developed with a clear plan, proper management and implementation across all areas of the business.
Many businesses lose profits and slip backwards from grow to improve.
The Business Triangle
How should a successful business be put together?
Most owners start their business with a product or service (at the base of the triangle) and they find customers to buy them e.g. using word of mouth and yellow pages. Once these sales and marketing tactics have established the business, the owner finds they need to manage their finances as expenses and wages start to eat away at their profits. This is when the owner needs to start controlling all areas of the triangle otherwise the business will start controlling the owner. Because most owners start as a “technician” in their business, the focus is usually on the day-to-day operational elements (red areas). Often this leaves very little time to plan for growth by working on the strategic elements (green).
Strategic Elements (Planning)
The “Strategic Elements” (green) are where the owner works ON their business starting with a clear path for growth towards their vision. The strategy needs developing to take the business towards its vision. Getting the rest of the business on board is achieved by ensuring the structure and culture is aligned to this new direction. This planning process will change the way the day-to-day activities are approached and improved. Without time spent on the Strategic Elements, businesses tend to get bogged down in the day-to-day running and do not achieve their growth potential. Not only is the owner unclear on how the business will grow, there is usually no plan that spells out to the staff where the business is going and the role they will play in getting it there. In this scenario, the owner finds themselves fighting fires rather than pro-actively growing the business.
Operational Elements (Day-to-Day)
This is the day-to-day running of the business that takes up most, if not all, of the owner’s time. The Operational Elements are where ConsultX’s unique “Business Diagnostic” will find strategies to increase the income the owner is taking out of the business. This can be quite substantial if the business has been operating for a long period of time.
What Income Should You Be Able To Make Out Of Your Current Business?
Many businesses have a reasonable turnover, but most of the money that comes in the front door gets spent out the back door. Every business owner has the opportunity to put more of this money into their back pocket. To do this, they need to know where the immediate opportunities for increasing income are and the dollar value of what they are worth.
The Business Diagnostic identifies opportunities for additional income across 11 core areas of your business. We call this profit leakage. The difference between the income you currently make from your business compared to what you want it to be can be referred to as “Profit Leakage or an Income Gap”. The Business Diagnostic assesses the ability of your current business to close this gap.
Your overall results broken down by these areas…
The Business Success Program
The Business Success Program provides a structured framework to deliver the income you want from your business. The Business Success Program has been designed to positively transform any business whether in Rescue, Improve or Grow.
Frequently Asked Questions
HOW MUCH WILL THE BUSINESS SUCCESS PROGRAM COST?
This varies from client to client depending on your business size and how much work has to be done. As a general rule the investment you make is returned many times over in the first few months of us working together.
WHY IS THE BUSINESS SUCCESS PROGRAM LONG TERM?
The Business Success Program is a comprehensive business consulting program that improves your business profitability and value over a multi year time frame. It takes time to smoothly make permanent changes in your business that will dramatically improve the profitability and value.
DO I NEED ANY SPECIAL TRAINING?
No, our Business Success Partners are intensively trained to help you in every area of your business.
WHY DO I NEED A BUSINESS SUCCESS PARTNER?
We find many of our clients are very good at what they do but lack expertise and experience in the finer points of running a successful business. These finer points are the ones that make the real money in your business and your Business Success Partner is trained in these important business skills.
HOW QUICKLY WILL I SEE RESULTS?
The Business Success Program has been designed to start delivering results to the business owner very quickly, in fact you will see noticeable progress within 3 months of commencement.
HOW CAN YOU BE SO CONFIDENT THAT YOU CAN HELP ME?
Because nearly all business are structurally similar, we believe that with our unique skills in creating successful businesses and your industry specific skills we can jointly make a huge success of your business.
ARE YOU A BUSINESS COACH?
A Business Coach tends to work with the business owner on the business owner. However, we work with the business owner on the business itself. We are business improvement specialists. Experience and skills in business are necessary to get a business performing at its best.
I’VE HAD CONSULTANTS BEFORE – THEY JUST WRITE A PLAN AND THEN NOTHING HAPPENS. I WANT THINGS TO HAPPEN!
Some consultants only help write plans as they often lack the experience to turn the plan into reality. Also implementation, or rather the lack of it, is a problem with many small and medium sized businesses and it’s true that most plans sit on the shelf or in a drawer after they’re written. Business Success Partners take a different approach – we help build a plan and then we help turn it into reality. We stay with you to make things happen. When a plan is done properly, it makes the business owner consider the things that are necessary to make the business run much more effectively and profitably.
What others are saying about working with a Business Success Partner
Initially the Business Diagnostic showed $200k which had me sceptical. Our Business Success Partner has been with us for 8 months now and we are absolutely on track to find the $200k over the next 12 months. The Productivity strategies alone have given us a 10% lift. We have asked our Business Success Partner to join our board.Specialist Engineer
The Business Diagnostic came up with $174k which sounded a bit high. We have introduced several strategies that have us on track for $254k for the first year with our Business Success Partner.Manufacturer
The Business Diagnostic showed our Income Potential figure to be $210k. We decided to start with a Business Success Partner even though we made a loss of $148k in the last financial year. We agreed on a strategy to increase our production and by 31 March 2013 we will have turned a $148k loss into an $80k profit.Animal Feed Producer
“We are in a very competitive market where our customers are struggling and can’t afford more. Our Business SuccessPartner introduced us to pricing strategies that we hadn’t considered that resulted in us netting an additional $8,000 per month in profits.Retail Bakery
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